Annual Letters & Mid-Year Updates Latest Content Library Jan 7, 2026 Steady Progress and Self-Reflection Jan 7, 2026 Jan 7, 2026 Receive Our Letters in Your Inbox Sign up with your email address to receive our letters and updates. Email Address Sign Up Thank you! Past Letters Featured Jan 7, 2026 Steady Progress and Self-Reflection Jan 7, 2026 Jan 7, 2026 Jan 6, 2025 Deep Roots, Hard Looks, and Change Jan 6, 2025 Jan 6, 2025 Jan 8, 2024 Awe, Health, And Fear: 2023 Annual Letter Jan 8, 2024 Jan 8, 2024 Jan 17, 2023 15 Years in the Trenches of SMB Acquisitions and Operations: 2022 Annual Letter Jan 17, 2023 Jan 17, 2023 Jul 6, 2022 Volatility and Durability: 2022 Mid-Year Update Jul 6, 2022 Jul 6, 2022 Jan 3, 2022 The Score Takes Care of Itself: 2021 in Review Jan 3, 2022 Jan 3, 2022 Jan 15, 2021 Lemons and Mixology: 2020 in Review Jan 15, 2021 Jan 15, 2021 Dec 31, 2019 New Fund, New Partners, Same Old Strategy: 2019 in Review Dec 31, 2019 Dec 31, 2019 Dec 31, 2018 Serving the Six-Sided Teeter Totter: 2018 in Review Dec 31, 2018 Dec 31, 2018 Oct 4, 2018 Fall 2018 Update: The Last Puzzle Pieces, a Bittersweet Victory, and the Orbit Oct 4, 2018 Oct 4, 2018 Jul 10, 2018 Sweating Hay in the Shining Sun Jul 10, 2018 Jul 10, 2018 Dec 31, 2017 Going Pro: 2017 In Review Dec 31, 2017 Dec 31, 2017 Aug 17, 2017 #428 on Inc. 500: A Decade in Reflection Aug 17, 2017 Aug 17, 2017 Dec 31, 2016 Compounding Knowledge and Returns: 2016 Year in Review Dec 31, 2016 Dec 31, 2016 Jan 6, 2016 From 2000+ to 3: 2015 Year in Review Jan 6, 2016 Jan 6, 2016 Want more content? Newsletter Selling Operating Investing
